Yes, you read that correctly. More than $1 billion. Need context on how what president and CEO of Pilot Flying J, Jimmy Haslam paid for the Browns stacks up with other recent deals? Well the Los Angeles Dodgers sold for $2 billion earlier this year. So Haslam is paying roughly half of what Magic Johnson and his co-owners paid for a franchise that doesn’t have the safety net of the Los Angeles market. The only saving grace for Haslam in this is that the Browns are in the NFL. And everyone makes money in the NFL.
The sale of the Browns is laid out in two parts. Haslam will take over controlling interest of the Browns for over $700 million. Then, in the second phase of the purchase, he will pay over $300 million to complete the deal.
NFL ownership is expected to approve Haslam’s purchase at its October meeting. Commissioner Roger Goodell could expedite the process by calling a special meeting, although that is considered unlikely.
So what happens next? Time to clean house in Cleveland?